Eni announced Friday that it has signed a new Production Sharing Contract (PSC) with CNOOC for one offshore exploration block in the South China Sea off Hainan Island.
Block 50/34 covers an area of around 772 square mile in the Qiongdongnan Basin.
The exploration period will last 6.5 years, divided into 3 phases.
This new PSC confirms the interest of Eni to continue and consolidate its presence in China, particularly in the South China Sea.
